HomeStreet (NASDAQ:HMST) Upgraded to Strong-Buy at Zacks Investment Research
HomeStreet (NASDAQ:HMST) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Friday, Zacks.com reports. The firm currently has a $33.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 14.11% from the company’s current price.
According to Zacks, “HomeStreet, Inc. is a diversified financial services company. The Company is engaged in real estate lending, including mortgage banking activities and retail and business banking operations and serves consumers and businesses in the Pacific Northwest and Hawaii. It offers deposit and investment products and cash management services and single family loans and commercial loans. HomeStreet’s primary subsidiaries are HomeStreet Bank and HomeStreet Capital Corporation. It operates in Washington, Oregon, Idaho and Hawaii. HomeStreet, Inc. is headquartered in Seattle, Washington. “
Several other research analysts also recently weighed in on HMST. BidaskClub upgraded shares of WhiteHorse Finance from a “sell” rating to a “hold” rating in a research report on Thursday, July 18th. FIG Partners restated a “market-perform” rating on shares of Berkshire Hills Bancorp in a research report on Wednesday, May 1st. DA Davidson began coverage on shares of Business First Bancshares in a research report on Wednesday, July 10th. They set a “neutral” rating and a $28.00 price target for the company. Sandler O’Neill upgraded shares of HomeStreet from a “hold” rating to a “buy” rating and set a $31.00 price target for the company in a research report on Friday, April 5th. Finally, TheStreet downgraded shares of TESSCO Technologies from a “b-” rating to a “c” rating in a research report on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, one has issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. HomeStreet has a consensus rating of “Buy” and an average price target of $31.68.
HomeStreet (NASDAQ:HMST) last released its quarterly earnings results on Monday, July 22nd. The financial services provider reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.54 by ($0.41). HomeStreet had a return on equity of 4.74% and a net margin of 4.74%. The company had revenue of $69.02 million for the quarter, compared to analyst estimates of $65.59 million. During the same quarter last year, the company earned $0.46 EPS. As a group, sell-side analysts expect that HomeStreet will post 1.21 earnings per share for the current year.
In other HomeStreet news, EVP Amen Darrell Van acquired 2,000 shares of the business’s stock in a transaction on Wednesday, June 12th. The stock was bought at an average price of $30.75 per share, for a total transaction of $61,500.00. Following the acquisition, the executive vice president now owns 38,858 shares in the company, valued at $1,194,883.50. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Sandra A. Cavanaugh acquired 5,000 shares of the business’s stock in a transaction on Wednesday, May 8th. The stock was acquired at an average price of $28.67 per share, with a total value of $143,350.00. Following the acquisition, the director now owns 6,107 shares in the company, valued at approximately $175,087.69. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 10,000 shares of company stock valued at $290,070. 1.64% of the stock is owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in HMST. Virginia Retirement Systems ET AL purchased a new stake in shares of HomeStreet in the second quarter valued at about $1,106,000. Nisa Investment Advisors LLC purchased a new stake in shares of HomeStreet in the second quarter valued at about $273,000. Marshall Wace North America L.P. purchased a new stake in shares of HomeStreet in the first quarter valued at about $476,000. Marshall Wace LLP boosted its holdings in shares of HomeStreet by 2,910.8% in the first quarter. Marshall Wace LLP now owns 91,499 shares of the financial services provider’s stock valued at $2,411,000 after acquiring an additional 88,460 shares in the last quarter. Finally, Kennedy Capital Management Inc. boosted its holdings in shares of HomeStreet by 18.0% in the first quarter. Kennedy Capital Management Inc. now owns 374,816 shares of the financial services provider’s stock valued at $9,876,000 after acquiring an additional 57,117 shares in the last quarter. Institutional investors own 81.67% of the company’s stock.
HomeStreet, Inc operates as the bank holding company for HomeStreet Bank, a state-chartered commercial bank that provides commercial and consumer banking services primarily in the Pacific Northwest, California, and Hawaii. The company operates in two segments, Commercial and Consumer Banking, and Mortgage Banking.
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